# Early EIA Storage Support Fails to Hold and November Futures Sink with Demand

> November natural gas futures settled at $2.347 per mmBtu after the EIA reported a 76 Bcf storage injection for the week ended October 11. The build was in line with the Reuters median of 78 Bcf and left inventories 4.6% above the five-year average. Spot prices faded as well.

- Date: 2024-10-17 · published 2024-10-17T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/10305-early-eia-storage-support-fails-to-hold-and-november-futures-sink-with-demand
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Storage builds above the five-year average signal a looser supply balance and weigh on prices. Feed buyers have limited direct exposure, though energy costs matter for processing.

## Read by commodity

- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2023-01-05 | [Bullish US natural gas storage report from EIA falls flat as NYMEX futures sell off](https://feedsoft.ai/events/9183-bullish-us-natural-gas-storage-report-from-eia-falls-flat-as-nymex-futures-sell.md) | -10.5% | -35.3% |
| NATGAS | 2026-10-29 | [Natural Gas News: EIA Storage Report Could Test Bearish Trend and Spark Volatility \| FXEmpire](https://feedsoft.ai/events/1450-natural-gas-news-eia-storage-report-could-test-bearish-trend-and-spark.md) | -1.8% | — |
| NATGAS | 2020-05-08 | [Balances 'Way Too Loose' as Natural Gas Futures Extend Sell-Off Early](https://feedsoft.ai/events/10444-balances-way-too-loose-as-natural-gas-futures-extend-sell-off-early.md) | -12.1% | -4.1% |
| NATGAS | 2024-05-01 | [Crude oil prices today: WTI falls to $79 on stockpile build, weak demand](https://feedsoft.ai/events/7236-crude-oil-prices-today-wti-falls-to-79-on-stockpile-build-weak-demand.md) | +13.4% | +28.1% |
| NATGAS | 2019-11-01 | [NYMEX natural gas inches lower after higher than expected storage build report – The Energy Bulletin Daily](https://feedsoft.ai/events/56251-nymex-natural-gas-inches-lower-after-higher-than-expected-storage-build-report.md) | +4.7% | -11.6% |

## Sources

- naturalgasintel.com: https://naturalgasintel.com/news/early-eia-storage-support-fails-to-hold-and-november-futures-sink-with-demand/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.